Nearly every business is looking to increase its employee retention rate to decrease the cost of employee turnover. So, you may be wondering what employees value more than salary that could incentivize them to stay with your company. The answer may just lie in an unexpected place: unique employee benefits. In fact, 80% of employees say they’d take valuable perks over a pay raise.
That’s why many companies are now including a wider variety of employee perks as part of their employee retention strategies. With 57% of professionals claiming that benefits are among their top considerations before taking a job offer, being able to provide the perks employees actually want can be a valuable way to attract and retain top talent.
So, without further ado, here are some of the perks that are the most appealing to modern employees:
Health, Dental, and Vision Insurance
Offering strong health, dental, and vision insurance was rated the most important of all employee perks by Fractl’s 2017 Employee Benefits Study. It was also the top benefit based on correlation to employees’ overall satisfaction with their employer's benefits packages in a recent Glassdoor survey. By providing the best insurance plans possible, your employees will feel like you actually care about their overall health and well-being — leading to improved job satisfaction that results in increased employee retention rates and productivity.
Providing high quality, extensive health insurance will cost you more than many other “trendy” perks such as free beer or yoga in the office. But, it’s often a major factor in a candidate’s decision to accept a job offer, especially if they have a family relying on their coverage. Therefore, investing in expanding your employee health insurance coverage can give you a high ROI when you’re able to better attract and retain top talent.
Opportunities for Improved Work/Life Balance
According to a Harvard Business Review survey, benefits that lend to a better work-life balance are the second most valued employee benefit behind insurance coverage. Offering employee perks such as flexible work hours, unlimited paid time off (PTO) policies, and remote work opportunities can directly impact your employees’ well-being, job satisfaction, and productivity levels.
SHRM reports that more than two-thirds of organizations now offer some type of telecommuting policy, whether that’s full-time, part-time, or on an as-needed basis. With so many companies catching on to this trend and including work/life balance policies as part of their employee retention strategies, you could miss out on top talent if you aren’t willing to offer the same.
Paid Family Leave
The amount of employers offering paid parental leave increased significantly in recent years. In fact, the percentage offering paid maternity leave increased from 26% in 2016 to 35% in 2018, with paid paternity leave also increasing from 21% to 29%. Adoption, fostering, and surrogacy leave have also increased in the last two years as more and more people are starting families in these ways.
If you don’t offer competitive paid parental leave, any of your employees looking to start or add to their families may decide to go somewhere they feel more supported. This can increase your cost of employee turnover. So, investing in these kinds of policies now can actually save you in the long run when you’re able to retain your top employees even as their families grow!
Student Debt Repayment
Over 44 million Americans have student loan debt — yet less than 5% of companies currently offer student loan repayment assistance. This benefit is an innovative and effective strategy because it can help you attract the most in-demand recent college grads and young professionals.
With eight in ten workers with student loans claiming they would value working for a company willing to contribute money to help them pay off their debt, this is a perk you shouldn't ignore. It will help you stand out from other competitors who aren’t offering these kinds of valuable and unique employee benefits to attract top talent — plus instilling in them a sense of loyalty and commitment to your company that will increase retention long-term.
44% of organizations that invested in increasing their benefits offerings in the last 12 months enhanced their wellness benefits as part of their employee retention strategies. Wellness benefits could include offering yoga in the office, creating a designated meditation space, or providing nutritional counseling services. With more than a third of employees saying they’d see a company-paid gym membership or access to an onsite fitness center as a valuable perk, many companies are also reimbursing gym memberships or looking for office spaces with a workout facility.
Investing in these kinds of benefits is valuable because they help your employees reduce anxiety and manage work-related stress, which ultimately improves productivity and overall job satisfaction. This is also a proactive way to improve the overall health of your staff, which reduces the medical costs you’re required to pay later. In fact, wellness benefits can help reduce the likelihood of your employees developing four of the ten health conditions that are most costly to U.S. employers: chest pain, high blood pressure, diabetes, and heart attacks.
Career Development Opportunities
For 86% of employees, professional and career development benefits are important to their overall job satisfaction. The most common benefit in this category is paying for an employee’s professional memberships to networking or industry-specific groups. You could also hold on-site workshops and training, send your employees to offsite events or conferences to develop further skills in their field, or help cover certifications and professional license application or renewal fees.
These employee perks are incredibly beneficial to both parties. How? If your employees are stagnant and not continuously growing, they’ll quickly become bored in their position and want to make a career move. Plus, they won’t be learning any new skills that create additional value for your business. But, by investing in development opportunities, your employees will be happier, more engaged, and on top of the latest trends and technologies affecting their field — which also makes them more productive and valuable to your business.
How Working with a Staffing Agency Can Help You Determine Which Employee Perks You Should be Offering
Professional recruiters at staffing agencies will be aware of labor market trends and have the time and resources that your internal staff may not to research them further. Therefore, by working with a staffing agency, you’ll have access to their knowledge and expertise that can help you determine which perks you should offer depending on your industry, budget, and workforce goals.
At 4 Corner Resources, we’re an award-winning staffing firm dedicated to helping you meet your workforce goals at all stages of the hiring process. This means we won’t just help you make a hire then leave you to nurture and retain them on your own — we’ll also be there for guidance as you form a retention strategy to keep those valuable employees working for you and not the competition.
Ready to uncover what employee perks you should be offering and how you can showcase them in your recruitment process in order to attract top talent? Reach out to one of our professional recruiters today!
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